Insure My Tesla is Crazy Cheap

Insure My Tesla is Crazy Cheap

I decided to get a quote from the new Insure My Tesla program underwritten by Liberty Mutual. I ran the quote for the two new Model 3s we have on order to replace our old 2011 Chevy Volt and the 2017 Subaru Outback which are currently insured by Chubb (excellent carrier, btw). Long story short, the new Teslas are less than half the cost of our current vehicles ($1,406 per year vs $3,012 for our current vehicles with Chubb).

I put the same coverages as much as possible:
Max all liabilities ($500k)
$500 deductible on collision
and I went with a $0 deductible on comprehensive for the Teslas vs a $500 deductible on the current Chubb policy because I am tired of paying out of pocket for those.

Crazy. A surprise $8k bonus value (5 years) for buying the Teslas. How awesome is that?!?

ReD eXiLe ms us | October 22, 2017

Others have complained it was instead 'crazy expensive'... Maybe it was their Zip Code, or they filled out the form wrong?

'Tesla Offering Auto Insurance at a Premium in US' | Teslanomics

[ YouTube -- bnGsymGyDGw ]

macgyver45 | October 22, 2017

Don't do a quote with them. I'm still getting a calls from them even after I talked to a rep telling them I don't want their overpriced coverage. They quoted me $538 a month for a CPO 2015 Model S 85 with autopilot.

rxlawdude | October 22, 2017

@TexasBob, my guess is you were quoted a 6 month policy, not a full year. Double check that. You'd be a very rare bird to actually be quoted a cheaper rate than other mainstream insurers.

LA-Fohlen | October 22, 2017

You’re getting tired of paying for the deductible? How often have you been using that?

Michael_Bluth | October 22, 2017

Quoted a 2017 Model S
Insure my Tesla (Liberty) - 594/month
USAA - 236/month
used these quotes with only my wife and I on policy. Add to existing policy with 16yo daughter, increase was 310/month.

WantMY | October 22, 2017

Not sure, but insurance rates are location specific. For smallest amounts disclosed I am ensuring what some may call a fleet (4 cars) with full coverage. I do not anticipate Tesla 3 to be > $500 year.

ColonyGolfer | October 22, 2017

2012 Model S and 2014 MiniCooper $603 for 6mos in FL with Progressive. Model S and 2017 Model 3, $1152 with Liberty. Same coverages. I would expect a slight bump for the newer car, but not 90% increase!

andy.connor.e | October 23, 2017

My online quote was $450/mo.

dd.micsol | October 23, 2017

It is also based on driving record. Duh.
@colony htf do you get 90% from a crappy cooper to a top of the line model 3?????
Seems you don't understand the difference in car quality.

garyjtate | October 23, 2017

USAA quote was $150 a year increase. Current vehicle 2016 Honda Civic Touring.

garyjtate | October 23, 2017

BTW Memphis TN.

RISHIEMAILS | October 23, 2017

Hello, my first post here!

Liberty Mutual gave me a pretty high quote of ~200 per month.

Geico, with which I am currently insured was much cheaper at ~90 per month.

stevenroglen | October 23, 2017

I'm not getting an option to get a quote online. All i get is a phone number to call. Nope.

stevenmaifert | October 23, 2017

Yup, they've changed the Website. Looks like no more online quotes. Not surprising if they are reading the forum threads.

kmeslinger | October 23, 2017

USAA quoted me ~$100 per month for a Model 3.
I live in the capital of California, have maximum coverage, am a middle-aged single man with perfect driving record, and will have 3 vehicles insured (as well as homeowners and umbrella) with USAA. The cost for the Model 3 insurance is about the same as my current primary vehicle, a Mitsubishi i-MiEV.

TexasBob | October 23, 2017

@rxlawdude - it was a monthly quote ($117 per month) which I annualized.

Clearly, our quote is not representative given the experience of others. Who knows, I may be able to find something even cheaper and will shop around when we get a delivery date (Nov - Jan, not holding my breath). We are glad for the >50% savings vs our current policy in any case! No idea why we got an attractive quote and others did not, but disappointing if this turns out to be a higher cost option for most people. Would totally defeat the objective.

andy.connor.e | October 23, 2017

Geico quoted me $150/mo. No idea why Liberty Mutual was so high....

rxlawdude | October 23, 2017

@TexasBob, then it sounds like this Tesla-Liberty deal would work out well for you. Then again, I pay a little less than $1K/year for the MS using Ameriprise through Costco. That's for the maximum limits written on auto policies, $500 deductible.

mjamesaustin | October 23, 2017

I live in California, and Liberty was insanely, laughably high for me. I gutted the policy, putting everything at the minimum required, and it still showed as over $300 a month. It was particularly amusing since I only got a quote from them after reading about their so-called "special" rates for Teslas.

cornellio | October 23, 2017

Those are some insanely high rates. I can barely handle insuring my Leaf at $100/month in California, considering my old BMW was only $35. I'm scared to even check rates for Tesla.

Insurance is such a scam.

cornellio | October 23, 2017

Those are some insanely high rates. I can barely handle insuring my Leaf at $100/month in California, considering my old BMW was only $35. I'm scared to even check rates for Tesla.

Insurance is such a scam.

Rutrow | October 23, 2017

Farmers just gave me a quote on VIN 5YJ3E1EA8HF000010 (one I found on google images) for $838/ 6 months ($139.66666/month). I'm in a decent neighborhood in Little Rock, Arkansas. Included discounts are: home/three cars, paid in full, homeownership, multiple car, firefighter (I'm not sure if that's discount or an upcharge?!?), and ePolicy. I've never filed any insurance claim in 30+ years, clean record (tickets/accidents). $500 deductible.

2015P90DI | October 24, 2017

Just got a quote, 35% higher than my current policy with Mercury. And I thought Mercury was high.

dd.micsol | October 24, 2017

geico is the absolute worst if you get in an accident that's your fault.
They even sue you for accidents if it exceeds your policy amount.

Electric_Sheeple | October 24, 2017

@TexasBob - Where in TX are you? Just out of curiosity... I'm in San Antonio - my delivery date is May-July (standard battery, standard package). I reserved June of this year, pretty late.

NoMoPetrol | October 24, 2017

@ mjamesaustin "...since I only got a quote from them after reading about their so-called "special" rates for Teslas...."

You must admit that their rates were special.

For the rest of you, an observation by a 19th century social critic (Ambrose Bierce): Insurance is a curious game of chance wherein the house holds all the cards.

jhawksle | October 26, 2017

I live in Southern California and the quote I got from Liberty Mutual (Insure My Tesla) was $200/year higher than my current policy with AARP The Hartford. I think you have to be an AARP member though.

Yodrak. | October 26, 2017

Yes, but you don't have to be an RP to be an AARP member.

"I think you have to be an AARP member though."

ReD eXiLe ms us | October 26, 2017

Apparently you don't have to be a veteran of foreign wars to join the VFW either.

TexasBob | October 26, 2017

@JYOinSA we are in Houston, delivery Nov - Jan (not an Tesla owner, just ~20th in line the day pre-orders started).

swingshiftworker | October 27, 2017

FWIW, I pay less than $700/yr to State Farm on a leased $39k Bolt in the SF Bay Area. Pay even less for other 4 other vehicles that I own.

However, I get numerous discounts from State Farm, including their Multiple Line, Driver Safety Record, California Good Driver, Multicar, Loyalty, Mature Driver Improvement and Drive Safe & Save discounts.

I would expect to pay the same (or close to the same amount) for a comparably priced M3.

Kenz | October 27, 2017

Tesla should require Liberty Mutual insurance quote to be at least the second / third lowest of quotes from the 5 largest auto insurers. That would put them in the middle of the group or lower. The more competition the better. It would also drive the average price for insurance down.

Run4Waffles | March 18, 2018

We were with Hanover Insurance and they decided not to renew our policy after the S was totaled from being rear ended while stopped on the highway.

We shopped around and this program with Liberty Mutual was the most competitive from what we found.

I wanted to go with an agreed value policy with Chubb, but it was outrageously cost prohibitive.

jargenta | March 18, 2018

I guess they rate every area of the country differently. My quote with Liberty was over double what I'm paying now. I saw a modest increase if staying with my current insurer, so that's where I'll be.

sanjayrks | March 18, 2018

I got a very good quote from Metlife and it is almost same as my existing ICE car. I am happy that I switched to Metlife last month.

Tesla-David | March 18, 2018

We just switched to Amerprise (Costco) and are paying ~$1200/year for both our 2015 S85D and 2018 M3. We were paying ~$2100/year for both cars with State Farm.

Mttcoco | March 18, 2018

"Insure My Tesla" is double the price for less coverage than Geico offered us. After checking around, we went with Geico.

We're in So Cal., btw.

ColonyGolfer | March 18, 2018

DD,micsol says: It is also based on driving record. Duh.
@colony htf do you get 90% from a crappy cooper to a top of the line model 3?????
Seems you don't understand the difference in car quality.

Got my M3 last week and deleted the Mini Cooper ("crappy" $39,000 car) and my total 6 month premium from Progressive (actually, balance of 5 months went up $19.00) Perfect driving record, yes, but I am still shocked at this deal from Progressive. FL, suburban area, 2 over 25 drivers.

Tesla2018 | March 18, 2018

I have Progressive in FL too. I am getting rid of my daily driver that is 18 years old and worth about $1000. I think its only $200 a year more. My current car doesnt have antilock brakes so that might be why. I also did the plug in ECU monitor thing and saved 30% so I hope it rolls over to the Tesla.

hmgolds | March 18, 2018

I just ran the numbers with Progressive online. The actual number doesn't really matter as it's so dependent on location, # of drivers, etc. But basically, the M3 will cost about $50 more per year than my 2013 Hyundai Sonata. If that holds true, I can't complain about that.

peggyplewis | March 20, 2018

Anybody have experience with metromile?

andy.connor.e | March 20, 2018

I am still getting insane quotes. Have to call my current company and see what they would quote.

nick | March 20, 2018

As an Insurance Broker with the ability to quote/write policies for 30+ different insurance companies in 19 different states, and having numerous tesla drivers insured through me, I can assure you insuremytesla is NOT crazy cheap. I have yet to see even one quote from insuremytesla that is cheaper than what I am able to find. I have ALWAYS beaten the rate. Always. Don't believe me? Contact me and I will provide you with a truly CRAZY CHEAP insurance policy.

JustSaying | March 20, 2018

My son totaled his Prius last Saturday (they had a check in the mail to me by Thursday) and I just added our new Model 3 and his newer Prius today and our annual premium decreased by $50.
Amica insurance company, but don't call me I don't sell insurance, just a customer

nameless | March 20, 2018

I wonder if Liberty Mutual simply did not get around to updating their web UI to support Model 3 and/or model year 2018. That might explain why some people get good rates and some call it crazy expensive.

I tried to do a quote through them, and "2018 Tesla Model 3" was not even among the listed options, I had to do "2018 Tesla Other" and then type in "Model 3" in the box for "Other Model." And, in the end, the premium the system quoted was about double what I got from Geico/Progressive/Allstate for the same coverages (which were within spitting distance from each other.)

When I went back and tried to select 2018 Model S instead, it walked me through the options and announced something along the lines of "Since you're insuring a Tesla, you require some personal attention, give us a call at #(xxx) and our representatives will help you."

Aludwig | March 20, 2018

#peggyplewis - I'm in the process of switching to Metromile now. What's interesting is the M3 doesn't have an ODB port to plug in the box from Metromile that tracks your miles. I emailed them about it, and they said they have an alternative box that plugs into the cigarette lighter.

jim.burns54 | March 20, 2018

Geico quoted me my M3 around $500 per 6 months.

Muwka | March 20, 2018

Just got a quote from State Farm: 100K/300K coverage, $500 deductible for $95/month. I am in NW Chicago burbs (Lake county). Currently paying $87/month for '06 Lexus GS430 with Allstate.

nwfan | March 20, 2018

Insurance with USAA (retired military)
Model S 6 mo 870
Model 3 6 mo 440
Also have homeowners and umbrella policy.
Ft Worth

nick | March 21, 2018

As a licensed Insurance Broker, I need to explain the auto quoting process. When obtaining a quote, it will never be an accurate number until after reports have been ran with the DMV and your insurance score is obtained. Companies never run your reports in an initial quote. Your reports aren't obtained until you've agreed to purchase. Why? It costs money to obtain your driving reports and insurance score. The MVR and Clue reports can be 90% when determining what your specific insurance cost will be. Yes, numerous other things come into play such as garaging location, vehicle type, and age, but these are minimal in comparison to your driving record, and insurance score obtained only after running reports. You can be quoted one number, but when binding the policy, you will see your rates have skyrocketed from the original quoted premium.

Pricing can vary dramatically from company to company based upon their specific algorithms. It never hurts to shop around. In fact, I highly suggest you do, as there is no penalty for doing so. That being said, make sure your reports are ran before believing any quote you recieve. Without reports, the numbers are worthless and will only go up. Another big myth is that you are getting a great rate because you've been with the same company for years and have never had a claim or accident. WRONG. I recently saved a client who had been with Farmers for 18 years without a single claim, over $2900 a year- No joke. SHOP Around. No reason not to.

You can shop around on your own, or you can go through an insurance broker who will do it for you. If going through a broker, ensure you are not going to be charged a brokerage fee (another sneaky trick). If you want some assistance, let me know and I will help. I never charge any brokerage fees as I'm paid directly from the insurance companies.

I'm happy to help without pressuring to purchase. If you have a good deal, I'll be the first to say so and will encourage you to stay with what you currently have. So, let me help. You have nothing to lose.